Joint venture partners RXR and Bridge Investment Group have secured $126.41 million to refinance their apartments in the New Rochelle waterfront district.
The loan, arranged by Berkadia, was a Fannie Mae Near Stabilization execution. The debt requires full interest payments, amortized over a 35-year period.
The 28-story luxury property, called Two Clinton Park, represents a portion of the downtown redevelopment, with RXR serving as the master developer, taking place in New Rochelle. So far, more than $1 billion has been invested in the efforts.
Two Clinton Park stands out for its hospitality offerings and convenience to Manhattan, with the Metro-North station getting residents to Grand Central Terminal in roughly 30 minutes. Features of the property itself include 7,574 square feet of retail, a screening room, a pet spa, outdoor terraces, concierge services, coworking lounges and a fitness center.
The 390-unit asset, which delivered in 2024, is 93 percent leased. The individual residences, which include apartments and penthouses, range from 461 to 1,197 square feet in size.
"Two Clinton Park represents the next generation of transit-oriented luxury housing in the New York suburbs, combining institutional-quality design and amenities with immediate access to Manhattan," Brad Williamson, managing director of Berkadia, said in a statement.
"The strength of the sponsorship, combined with New Rochelle's pro-development framework and continued population growth, made this an exceptionally compelling financing opportunity for the agency market."
In the first quarter, New York City rents accelerated 6.2 percent year-over-year to $3,616. That's important in the context of the housing crisis the city faces, pushing people to suburbs like New Rochelle. In fact, GlobeSt. previously reported that about a third of New Rochelle's new residents have relocated from New York City, as it's 22 percent more affordable to rent in the suburb.
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